BALTIMORE, Jan. 22 /PRNewswire/ -- Atlanfed Bancorp, Inc. (NASDAQ-NMS: AFED), Baltimore, announced net income of $503,767, or 45 cents per share, for the quarter ended Dec. 31, 1992, an increase in earnings of 1.2 percent, as compared to earnings for the same quarter in the preceding year of $497,899, or 46 cents per share. For the first nine months of fiscal year ending March 31, 1993, net income was $1,497,343, or $1.34 per share, as compared to $1,234,812, or $1.14 per share, for the same period of the preceding fiscal year, an increase of 21.3 percent.
Total assets of Atlanfed Bancorp, Inc., as of Dec. 31, 1992, were $242.7 million, as compared to $258.3 million at Dec. 31, 1991. Total stockholders' equity of Atlanfed Bancorp, Inc., increased to $19.7 million, or $18.06 per share, as compared to $18.2 million, or $16.76 per share, at Dec. 31, 1991. Total savings deposits as of Dec. 31, 1992, were $186.1 million, as compared to $196.9 million at Dec. 31, 1991.
ATLANFED BANCORP, INC.
Dec. 31, Dec. 31, Increase
1992 1991 (Decrease)
Net Income (3 months) $503,767 497,899(A) 1.2 pct.
Net Income Per Share
(3 months) $0.45 0.46(A)(B) (2.2 pct.)
Net Income (9 months) $1,497,343 1,234,812(A) 21.3 pct.
Net Income Per Share
(9 months) $1.34 1.14(A)(B) 17.5 pct.
Total Assets $242,688,945 258,349,757(B) (6.1 pct.)
Stockholders' Equity $19,711,147 18,220,962(B) 8.2 pct.
Book Value Per Share $18.06 16.76(A)(B) 7.8 pct.
Savings Deposits $186,053,038 196,888,592 (5.5 pct.)
(A) Adjusted for 15 percent stock dividend issued on June 22, 1992.
(B) Adjusted for adoption of new accounting statement on income taxes.
The increase in fiscal year to date net income is due primarily to improved profitability of certain subsidiaries. Earnings also benefited from improved core earnings during he first six months of the year of the company's main subsidiary, Atlantic Federal Savings Bank, resulting from the decline in interest rates. Reductions in expenses associated with real estate owned also contributed to the increase.
Atlantic Federal Savings Bank was founded in 1897 and currently operates 10 branch offices throughout the state of Maryland. Atlantic Home Mortgage Corporation, the bank's mortgage banking subsidiary, operates loan production offices in Towson, Pasadena, Elkton and Bel Air, Md.
-0- 1/22/93
/CONTACT: Michael P. Gavin, executive vice president, and Anthony R. Cole, vice president and controller, Atlanfed Bancorp, 410-938-8610/
(AFED)

CO: Atlanfed Bancorp, Inc. ST: Maryland IN: FIN SU: ERN

DC-TW -- DC018 -- 7951 01/22/93 13:40 EST

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